What is the EU's Carbon Border Adjustment Mechanism (CBAM)?

Following the Commission's proposal in July 2021.

On 14 July, the European Commission announced the climate change legislation package "Fit for 55" (FF55). In the package, CBAM (Border Carbon Adjustment Mechanism) is expected to play a central role in the comprehensive proposal.
'Fit for 55': delivering the EU's 2030 Climate Target on the way to climate neutrality
The Fit for 55 package consists of a set of inter-connected proposals, which all drive towards the same goal of ensuring a fair, competitive and green transition by 2030 and beyond. Where possible existing legislation is made more ambitious and where needed new proposals are put on the table. Overall, the package strengthens eight existing pieces of legislation and presents five new initiatives, across a range policy areas and economic sectors: climate, energy and fuels, transport, buildings, land use and forestry. (https://www.europarl.europa.eu/legislative-train/theme-a-european-green-deal/package-fit-for-55 )
As a measure against carbon leakage, the mechanism aims to equalize the carbon prices of EU products and imported products from outside the region and prevent production transfer to countries where climate change measures are looser than in the EU. But on the other hand, it is also expected to promote greenhouse gas reduction efforts in countries outside the EU and to motivate them to take climate change measures at the same level as the EU.

It is in this context the Centre organised a webinar on 6 October entitled “What is the EU's Carbon Border Adjustment Mechanism (CBAM)?”
During the webinar, which attracted 460 registrations, Mr Vicente Hurtado Roa, Head of Unit at Directorate-General for Taxation and Customs Union (TAXUD), presented the initiative, its mechanism, schedule, scope, coordination with related countries and international organisations, such as WTO.